In this blog, we curate relevant and remarkable content related to blockchain, cryptocurrency and the digital economy. This interesting piece written by Eran Eyal and published in VentureBeat tackles how blockchain will make artificial intelligence smarter. Read on.
We’ve heard — probably too much — about how cryptocurrencies like Bitcoin shift financial power away from governments and big banks to individuals. Blockchain technology is also democratizing artificial intelligence (AI). Businesses of any size will soon be able to offer the sort of personalized recommendations that are currently the province of giant retailers like Amazon.
Imagine walking into a neighborhood shop for the first time and the sales associate immediately shows you the products that match your tastes, in your size, and that you don’t already own.
That’s the sort of intuitive experience that AI promises. The current challenge to smaller businesses isn’t the cost of AI systems — they’re increasingly more affordable and accessible. The barrier is gaining access to enough high quality data about customers to adequately power those systems. Few retailers can recognize their customers across multiple channels and devices, and they often rely on third-party, behavioral data that doesn’t give them a complete understanding of what products customers want to buy. Moreover, most retailers handle only a small slice of each of their customer’s purchases, hardly enough to make these AI systems work well.